Holloway makes a swift return to south London having guided Palace to promotion via the play-offs last season before leaving by mutual consent with the Eagles struggling at the foot of the Premier League.

He previously took Blackpool to promotion in 2010 and has also managed Bristol Rovers, QPR, Plymouth and Leicester.

Lions chairman John Berylson feels he has found the right man to guide them up the table following Lomas' brief and disappointing spell in charge.

The American also promised to back Holloway in the transfer market this month.

He told the club website: "The fact that we have been able to attract someone of Ian's calibre and track record is testament to the fact that he shares our view of the potential we have to progress as a club and to move forward.

"In our determination to bring Ian in on a two-and-a-half-year contract, we have demonstrated both the level of our ambition and commitment towards re-establishing ourselves as a competitive Championship club, and in due course challenging towards the top end of this division.

"We are under no illusions that our first priority under Ian's leadership is to ensure we maintain our Championship status.

"The new manager inherits an experienced and talented squad that has not been playing to its potential so far this season. He will receive the backing of the board to strengthen as he deems necessary."